Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.

Thursday, August 03, 2017

Virginia Man With History Of Ripoff Convictions Again Finds Himself In Hot Water, Stands Accused Of Fleecing Dozens Out Of Over $750K In Variety Of Real Estate Rackets; Local DA Drops Earlier Charges As Richmond Feds Step In, Take Over Prosecution

In Richmond, Virginia, the Richmond Times-Dispatch reports:

A Chesterfield County “credit consultant” alleged to have victimized dozens of local people out of more than $750,000 pleaded not guilty in federal court Wednesday [July 26].

Timothy Scott Wenk, 50, who was indicted July 11 on one count of wire fraud, entered the plea before U.S. District Judge Henry E. Hudson, who set a two-day jury trial to begin Sept. 12. If convicted, he faces up to 20 years in prison and a $250,000 fine, and he could be required to pay restitution.

Authorities have said the case is still under investigation, and on Wednesday, Brian R. Hood, an assistant U.S. attorney, told Hudson that he expected there would be another indictment in the near future that could require a longer trial.

The current indictment alleges that from December to May, Wenk falsely agreed to sell a property that he did not own, on Breaker Point Court in Chesterfield, to three people who paid him a total of more than $12,600 toward the purchase.

But a 10-page criminal complaint filed by the FBI last month alleges many additional offenses and victims, a few of whom appeared to be in the courtroom Wednesday for Wenk’s arraignment.

Wearing yellow jail coveralls, the silver-haired defendant told Hudson on Wednesday that he was a graduate of Manchester High School when asked about his education.

Authorities said Wenk owns Premier Credit Consultants in the 11900 block of Hull Street Road, which purportedly arranged financing for clients to buy real estate regardless of their credit score or income and also offered credit repair services.

He was arrested by Chesterfield police on Feb. 28 on charges of obtaining money by false pretenses. Media coverage “prompted the discovery of dozens of additional victims who contacted law enforcement officials,” wrote James R. Conner III, an FBI special agent, in the complaint.

“To date, there are more than 70 victims experiencing losses of more than $750,000 because of fraud committed by Wenk,” Conner alleged. The complaint outlined what allegedly happened to five victims.

***

Wenk has a history of convictions for obtaining money through false pretenses in Chesterfield. Court records show the Chesterfield charges from February were dropped June 15, the same day he was arrested on the federal charge.

CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)

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